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Retirement portfolios : theory, construction, and management

Retirement portfolios : theory, construction, and management

Zwecher, Michael J., 1957-.
서명 / 저자사항
Retirement portfolios : theory, construction, and management / Michael J. Zwecher.
Hoboken, N.J. :   Wiley,   c2010.  
xxi, 281 p. : ill. ; 24 cm.
[Wiley finance]
9780470556818 (cloth) 0470556811 (cloth) 9780470561126 0470561122
Includes bibliographical references and index.
Retirement income -- Planning. Portfolio management.
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100 1 ▼a Zwecher, Michael J., ▼d 1957-.
245 1 0 ▼a Retirement portfolios : ▼b theory, construction, and management / ▼c Michael J. Zwecher.
260 ▼a Hoboken, N.J. : ▼b Wiley, ▼c c2010.
300 ▼a xxi, 281 p. : ▼b ill. ; ▼c 24 cm.
490 1 ▼a [Wiley finance]
504 ▼a Includes bibliographical references and index.
650 0 ▼a Retirement income ▼x Planning.
650 0 ▼a Portfolio management.
830 0 ▼a Wiley finance series.
945 ▼a KLPA


No. 소장처 청구기호 등록번호 도서상태 반납예정일 예약 서비스
No. 1 소장처 중앙도서관/서고6층/ 청구기호 332.024014 Z97r 등록번호 111599012 도서상태 대출가능 반납예정일 예약 서비스 B M





PART ONE Framing the Problem.

CHAPTER 1 Portfolio Focus and Stage of Life.

A "Balanced" Portfolio Approach May Not Last Through Retirement.

Retirement Saving versus Retirement Income: An Illustration.

Products versus Solutions.


CHAPTER 2 The Top-Down View.

A Short Primer on Economic Models of Retirement Income.

An Overview of Economic Models of Retirement Income.

Reconciling Retirement Income Portfolio Construction with Accumulation.

The Dynamics of Risk Aversion.

Separation between Flooring and Upside.

Fully Funded versus Underfunded Flooring.

Monetizing Mortality.

Taking Market Risk.

Risk Is Risk, Is It Not?

Risk, Uncertainty, and Risk Aversion.


CHAPTER 3 The Importance of Lifestyle Flooring.

Amount of Flooring: A Balance Sheet View.

Retirement Requires Outcomes, Not Just Expectations.

Consumption Needs.

Yes/No Planning.

The Window for Maintaining Lifestyle.

The Bedrock Floor.

The Aspirational Floor.

The Finished Floor.

Nominal versus Real Flooring.

Types of Flooring.

Choosing a Flooring Type.


CHAPTER 4 Monetizing Mortality.

Annuities and Longevity Insurance.

Risk Pooling.

Pure Longevity Insurance.


Complex Annuities.

Credit Risk and Insurance.


CHAPTER 5 Flooring with Capital Markets Products.

Government-Issued Securities.

Creating a Floor of Strips.


Municipal Securities.

Corporate Securities and Other Financial Products.


PART TWO Adapting Portfolios for Retirement Income.

CHAPTER 6 Building Retirement Income Portfolios.

Portfolio Sleeves for Retirement Income.

Portfolio Intuition.

Basic Portfolio Constructs.

General Accumulation Plans for Retirement Income.

Taxes and Retirement Income Portfolios.


CHAPTER 7 Creating Allocations for Constructing Practical Portfolios by Age and Lifestyle Needs.

Flooring Allocations.

Longevity Allocations.

Precautionary Allocations.

Discretionary Equity Allocations: Assets with Risk.

Summary of Allocations.


PART THREE Managing Portfolios for Retirement Income.

CHAPTER 8 Rebalancing Retirement Income Portfolios.

Rebalancing the Discretionary Wealth Subportfolio.

Rebalancing the Functional Components.

Raising the Floor.


CHAPTER 9 Active Risk Management for Retirement Income Portfolios.

Static Example.

The View from the Capital Markets Line.

Risk Management and Expected Returns.

Simple Rules: For Passive and Active Risk Management.

An Inelegant but Simple Plan.

High-Water Mark Flooring.

The Cushion.

Risk Rules: Periodic Rebalancing.

Risk Rules: More Active Rebalancing.

CPPI and Volatility.

Taxation and Active Management.

Locking in Flooring: Long End versus Short End.

A Quick Note on Usability, Scalability, and Approaches Other Than Liability Matching.

Playing with Fire in a Retirement Income Portfolio.


PART FOUR Making It Happen.

CHAPTER 10 The Transition Phase.

What the Transition Is About.

The Order of Transition.

A Difficult Transition.

When to Transition.

Making the Transition Seamless.

Creating a Business Model that Includes a Natural Transition.

Sudden Transitions.


CHAPTER 11 Putting Together the Proposal.

Laying Out Client's Assets to Show Current Status.

Minimally Invasive Surgery: Reconfiguration Proposal.

Lifestyle and Flooring Types.

Accumulation Plan Types.


Passive Versus Active Risk Management.


CHAPTER 12 Market Segmentation.

Segmentation for Traditional Portfolios.

Segmentation for Retirement Income Portfolios.


CHAPTER 13 Products and Example Portfolios.

Overview of Products Offered.

Managing Expectations around Outcomes.

Example Portfolios.


CHAPTER 14 Preparing Your Client for a Retirement Income Portfolio.

Know Your Resources.

Lifestyle and Life Cycle.

Risks to Your Retirement Lifestyle.

Lifestyle and Flooring Types.

What the Adviser Needs from the Client.


CHAPTER 15 Salvage Operations, Mistakes, and Fallacies.

Mistakes and Fallacies.

How to Dig Out of a Hole.


Appendix A: History of Theoretical Developments in Life-Cycle Planning.

The Model.

Rising Lifestyles and Habit Formation.

Empirical Studies of Life-Cycle Behavior.

Appendix B: How Professionals Can Maximize the Usefulness of this Book.

Transaction-Oriented Salespeople.

Asset Gatherers.

Insurance Planners.

Financial Planners.

Portfolio Managers.





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